THIRD NATIONAL BANK IN NASHVILLE v. Olive

The question at issue in this litigation is whether the Bank’s peaceful repossession of a trailer, without the consent of the respondent and without legal process, under the terms of a chattel mortgage executed by the respondent and the subsequent sale thereunder were legal.

The Chancellor resolved the question in favor of the Bank and gave judgment on full amount sued for. On appeal the Court of Appeals reversed because that court held that the maker of a chattel mortgage could not waive or consent to the mortgagees taking possession of the property if default were made, prior to the making…